Lawrence Memorial Hospital Inc

Overview

Mission

To improve the health of the region and to provide healthcare services.

What it reported doing in 2023

See schedule o

Operating model

Revenue model
Earned-program. 99% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 95% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
  • Includes noncash contributions: Reported contributions include donated property or goods.

Nonprofit profile at a glance

EIN
060646704
IRS 990 coverage
2009–2023
Forms available
Form 990 2023, Form 990-T 2023
Headquarters
New London, CT, USA
Phone
2036880580
Rating
78
Verdict
SUPPORTED
Rating confidence
Standard
Sector
Hospital, General

Official website

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 69
  • Accountability: 80
  • Sustainability: 46
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 90.7%; rating input score 91
  • Program expense ratio: 92.2%; rating input score 92
  • Fundraising efficiency: $6.65 raised per $1 spent on fundraising; rating input score 30; 30th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 94.1%; rating input score 94; 28th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 77.9%; rating input score 78; 17th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 73.3%; rating input score 73; 23rd percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 1.6%; rating input score 45; 45th percentile among comparable filings
  • Total-asset coverage ratio: 0.87; rating input score 35; 35th percentile among comparable filings
  • Liabilities to assets ratio: 0.31; rating input score 57; 57th percentile among comparable filings
  • Officer compensation ratio: 1.2%; rating input score 70; 70th percentile among comparable filings

Growth

  • Program expense growth: 7% per year; rating input score 100; 58th percentile among comparable filings
  • Revenue growth: 3% per year; rating input score 100; 25th percentile among comparable filings
  • Asset growth: 2% per year; rating input score 100; 16th percentile among comparable filings

Details

  • Where the money goes: 90.7% of revenue deployed · 92.2% of spending went to programs
  • Governance: 11 of 15 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $454.9M in reported program spending
  • Leadership: top reported pay $1.5M · 30 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $26.5M reported
  • Consistency: 37 of 38 current checks pass · 1 finding to review
  • Schedules: 12 filed schedules · includes major donors, grants, executive pay, and related organizations
  • Filing history: 15 annual filings from 2009 to 2023
  • Contacts: How to reach this organization
  • Money network: 12 filed money-flow records
  • Related organizations: 35 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Leadership & pay

30 people listed

Highest reported compensation

  • GAIL KOSYLA (TREASURER): $1,543,615 total reported compensation
  • WILLIAM J ASELTYNE (SECR/TRUSTEE (CURRENT YR)): $1,450,910 total reported compensation
  • RICHARD LISITANO (PRESIDENT/TRUSTEE): $978,076 total reported compensation

Source: IRS Form 990. Selected filing: FY2023.